在1980年代, Congress created 业务发展公司(bdc) through a series of amendments to the 1940年的投资公司法案 通过了1980年的小企业激励法案. 根据 小企业投资者联盟BDC理事会, BDCs were initially created to “enhance access to capital for small and medium-sized domestic business and give the public opportunity to invest in high growth private business.”
小企业对美国经济至关重要, 和在纸上, bdc为这些公司提供了急需的资金渠道. 对于普通投资者来说, 然而, 这些可能是高风险的投资，不适合你的投资组合.
BDCs are defined under Section 2(a)(48) of the 1940年的投资公司法案 (“1940 Act”). 根据 1940 Act: “Business development company means any closed-end company which—
1940年的法案还要求bdc总资产的70%满足第55条. This means that the vast majority of a BDCs assets are securities of “eligible portfolio companies.“ 美国安全交易委员会(SEC) recently expanded the definition of eligible portfolio companies to include “Exchange-listed companies that have less than $250 million in market capitalization.“在规则2a-46最近修正之前, eligible portfolio companies were limited to domestic operating companies not listed on an Exchange.
bdc通常被视为受监管投资公司(RICs). 根据 26 U.S.C. §851, Regulated Investment Companies must have at least 90% of its gross income derived from:
除了, BDCs may not invest more than 5% of their assets in a single security and not more than 10% of the outstanding voting securities of an issuer.
此外, not more than 25% of the value of its total assets may be invested in:
因为bdc必须遵循受监管的投资公司的要求, they are required to distribute a minimum of 90% of their investment company taxable income to shareholders. bdc旨在帮助小企业获得资金.
Investing in a BDC helps to provide funding for small and mid-size companies that otherwise may not have access to the capital they need to survive. BDCs may allow a sophisticated investor to diversify their portfolio with investment in businesses that could have a high return on investment.
BDCs assets generally are made up of financially distressed companies or brand new, 未经证实的, 中小型企业. 因此，它们是有风险的投资. 组成bdc的公司没有经过市场测试, 因此，他们将如何表现存在不确定性. An investor may not have access to all the information regarding the underlying assets that make up a BDC’s portfolio.
此外, bdc可能会高估其投资组合中的公司, 投资者未被告知的重要事实. 对于构成BDC的基础投资缺乏透明度, 投资者根本不知道自己在冒什么样的风险.
有公开交易的BDCs和非上市的BDCs. The non-listed BDCs can carry higher yields but they can be much riskier investment than publicly traded BDCs.
非交易bdc的一个重大风险是它们缺乏流动性. Investors in non-traded BDCs can be stuck in their BDC investments for years, or sometimes forever. 而且，这种私有bdc的真实值通常是不可用的. 事实上, the stated value is not a market value and usually does not reflect what the BDC shares could be sold. BDCs are risky investments and can result in an investor losing all of their principal investment.
Most private BDCs pay far higher commissions to the brokers and brokerage firms selling such BDCs than traditional investments like common stocks and bonds do. 像这样, “赚取”这么高的佣金, many financial professionals recommend and sell BDCs to risk-averse customers like retirees and other investors who rely on the income from their investment to live.
不幸的是，对于许多经纪公司的客户来说, many stockbrokers inform their clients that BDCs are “safe” or conservative investments suitable for risk-averse investors. 建议购买bg真人游戏注册时, financial advisors have the duty to fully explain all important risks of such investments. 许多投资顾问, 然而, 不披露bdc固有的真实风险, 包括与投资bdc相关的高风险水平, resulting in investors thinking that their investments in certain BDCs will not suffer significant losses.
If you invested in any business development companies (BDCs) and may have suffered losses, 请联系BG真人管理合伙人, 布莱恩·莱文, at , firstname.lastname@example.org，或访问莱文·劳的网站， nudmak.alphagenchina.com. 莱文律师事务所受理的大多数案件都收取意外费用, meaning that clients are not obligated to pay Levin Law’s attorney fees unless money is recovered for the investor.
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